Gulf Energy expands wind projects as Globlex targets Gulf Energy stock
Published on 10/02/2026 at 02:54 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Gulf Energy expanded its renewable portfolio with 346.50 megawatts of wind projects, while Globlex Securities maintained a THB 82 target for Gulf Energy stock. Kaohoon International reported on September 14, 2026, that the remaining four projects signed 25-year power purchase agreements with the Electricity Generating Authority of Thailand on September 7, 2026.
Wind contracts add future capacity
The four projects carry contracted capacity of 346.50 megawatts and are scheduled to enter commercial operation between 2029 and 2030, according to Kaohoon International. The report said the projects could contribute THB 500 million in annual profit after operations begin.
Gulf Energy has 14 Thai wind projects with signed agreements totaling 1,058.50 megawatts, with phased commercial operation dates from 2027 to 2030. Full completion of that portfolio could contribute THB 2 billion in annual profit, the report said.
Second-quarter revenue rose
Quartr reported that second-quarter 2026 revenue reached THB 50,294 million, up 23.80 percent year over year and 28.80 percent quarter over quarter. Earnings before interest, taxes, depreciation and amortization reached THB 18,997 million, an increase of 41.40 percent year over year.
For the six months ended June 30, 2026, consolidated revenue was THB 82,116 million, compared with THB 38,518 million a year earlier. Consolidated net profit was THB 23,994 million, down from THB 65,485 million, while profit attributable to the parent was THB 12,332 million.
Targets point above the SET quote
Kaohoon International said Globlex Securities maintained a Buy rating with a THB 82 target, while Asia Plus Securities kept a Buy recommendation with a THB 80 end-2027 target. Kiatnakin Phatra Securities adjusted its target to THB 75 and upgraded its outlook for Thailand utilities.
The next reported milestone is scheduled for November 18, 2026, when Gulf Energy is listed for third-quarter results on the company calendar shown by MarketScreener. Its consensus page lists 18 analysts and an average target of THB 77.68.
Market value and investor lens
Gulf Energy had a market capitalization of THB 881.5 billion as of October 1, 2026. The combination of higher second-quarter revenue and a lower six-month net profit puts project execution and earnings conversion at the center of the stock story.
Gulf Energy key facts
- Company: Gulf Energy Development Public Company Limited
- ISIN: TH8319010Z06
- Ticker: GULF.BK
- Primary exchange: SET
- Market capitalization: THB 881.5 billion (as of October 1, 2026)
- Sector: Utilities
- Next earnings date: November 18, 2026
